Common use of Vessel Valuations Clause in Contracts

Vessel Valuations. On or prior to the last day of June and December of each calendar year, the Borrower shall obtain and deliver to the Facility Agent appraisals of the Fair Market Value of the Vessels, such valuations to be at the Borrower’s cost. In the event that the Borrower fails or refuses to obtain the valuations required by this clause, the Facility Agent will be authorized to obtain such valuations from Approved Brokers, at the Borrower’s cost, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this clause, but the Facility Agent’s action in doing so shall not excuse any default of the Borrower hereunder. If an Event of Default has occurred and is continuing, the Borrower shall obtain appraisals of the Fair Market Value of the Vessels, such valuations to be at the Borrower’s cost, at such further frequency as may be reasonably required by the Majority Lenders;

Vessel Valuations. On or prior For inclusion with the Compliance Certificates delivered pursuant to the last day of June and December of each calendar yearSection 9.1(d), semi-annually, the Borrower Borrowers shall obtain and deliver to the Facility Agent appraisals of the Fair Market Value of the VesselsVessels from an Approved Broker, such valuations to be at the Borrower’s Borrowers’ cost. In the event that the Borrower fails Borrowers fail or refuses refuse to obtain the valuations required by this clause, the Facility Agent will be authorized to obtain such valuations from an Approved BrokersBroker, at the Borrower’s Borrowers cost, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower Borrowers pursuant to this clause, but the Facility Agent’s action in doing so shall not excuse any default of the Borrower Borrowers hereunder. If an Event of Default has occurred and is continuing, the Borrower Borrowers shall obtain appraisals of the Fair Market Value of the Vessels, such valuations to be at the Borrower’s Borrowers cost, at such further frequency as may be reasonably required by the Majority Lenders;

Vessel Valuations. On or prior to the last day of June Commencing on March 31, 2024, and December of on each calendar yearsix-month anniversary thereafter, the Borrower shall obtain and deliver to the Facility Agent appraisals of the Fair Market Value of the Vessels, such valuations to be at the Borrower’s cost, together with a Valuation Certificate. In the event that the Borrower fails or refuses to obtain the valuations required by this clause, the Facility Agent will be authorized to may, at the direction of the Majority Lenders, obtain such valuations from Approved Brokers, at the Borrower’s cost, which valuations shall be deemed the equivalent of valuations duly obtained by the Borrower pursuant to this clause, but the Facility Agent’s action in doing so shall not excuse any default of the Borrower hereunder. If an Event of Default has occurred and is continuing, the Borrower shall obtain appraisals of the Fair Market Value of the Vessels, such valuations to be at the Borrower’s cost, at such further frequency as may be reasonably required by the Majority Lenders;

Vessel Valuations. On or prior For inclusion with the Compliance Certificates delivered pursuant to Section 9.1(d) for the last day of fiscal quarters ending December 31, 2017 and June and December of 30, 2018, each calendar year, the Borrower shall obtain and deliver to the Facility Agent appraisals of the Fair Market Value of the VesselsVessels owned by such Borrower from an Approved Broker, such valuations to be at the such Borrower’s 's cost. In the event that the a Borrower fails or refuses to obtain the valuations required by this clause, the Facility Agent will be authorized to obtain such valuations from an Approved BrokersBroker, at the such Borrower’s 's cost, which valuations shall be deemed the equivalent of valuations duly obtained by the such Borrower pursuant to this clause, but the Facility Agent’s 's action in doing so shall not excuse any default of the any Borrower hereunder. If an Event of Default has occurred and is continuing, the each Borrower shall obtain appraisals of the Fair Market Value of the VesselsVessels owned by such Borrower, such valuations to be at the such Borrower’s 's cost, at such further frequency as may be reasonably required by the Majority Lenders;